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The Social Cost of Monopoly with Asymmetric Lobbying Abilities

Author

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  • Jung Hoon Keem

    (Howon University)

Abstract

The regulated monopoly price assumes the weighted average value of the monopoly price and the competitive market price. The weights are determined by the relative sizes of resources the monopolist and the consumers expend. The agents differ in their abilities of exerting political influences. We show that the consumers may lose by defending their surplus and that the consumers' surplus-defending efforts lead to either higher or lower social cost of monopoly.

Suggested Citation

  • Jung Hoon Keem, 1998. "The Social Cost of Monopoly with Asymmetric Lobbying Abilities," Korean Economic Review, Korean Economic Association, vol. 14, pages 261-272.
    • Handle: RePEc:kea:keappr:ker-199812-14-2-02
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    File URL: http://keapaper.kea.ne.kr/RePEc/kea/keappr/KER-199812-14-2-02.pdf
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    Citations

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    Cited by:

    1. Gil Epstein & Igal Milchtaich & Shmuel Nitzan & Mordechai Schwarz, 2007. "Ambiguous political power and contest efforts," Public Choice, Springer, vol. 132(1), pages 113-123, July.

    More about this item

    Keywords

    Social Cost of Monopoly; Regulated Monopoly Price; Asymmetric Lobbying Ability;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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